ES Morning Update March 15th 2023

Nice and steady move up yesterday, right into resistance from the prior high on Monday. And there really wasn’t any wild swings after the CPI as the market just seemed to follow the technicals, which suggested a move up. It was more then I expected but it’s still doing the rangebound chop that I think should happen.

Today we should see a pullback (which we clearly are right now in the futures) but I don’t think it goes below last weeks low. Meaning that at this point it looks like the low is in for the rest of this week, and next week is still open for another scary drop… but again, it might only be a higher low?

Could we still break 3800 and drop into the 3700′s… sure.  It depends on how high we go this week I guess, and after today I think tomorrow and Friday should be up nicely again. I think we saw an “A Wave” up of some degree yesterday and today we should see the “B Wave” pullback. Then the “C Wave” up into OPEX should end the rally and allow for another drop into the FOMC next week… which again, might or might not break the low from last week.

And after the FOMC I think we then start the move up into the first week of April, for Tiny Wave 2 (T2), with 4100 as the big challenge for the bulls. The day to day moves are the hardest to call so I’ll adjust the wave counts on the smaller degrees as needed, but if this down day holds today, and we go up into Friday then we’ll remain on track with my weekend update on Monday.

Not much else to add here. Have a blessed day.